DIY Superannuation Tips
To make sure your super fund is working its level best for you, consider these tips:
*Avail of government incentives: for certain income levels, the enticements to do superannuation can be very tempting indeed, occasionally. Incomes under $58000 by ages under 65 merit a matching dollar from the federal board every time you drop in one extra over the required 9%, going up to $1.50. These one-up deals can happen again given a kinder economic climate.
*Salary sacrifice is sweet: by placing some of your pre-tax salary direct into your super, you can escape a higher income bracket and achieve better super returns. Salary sacrifice also works by copping only a 15% tax shave (from the portion of your salary that you chip in).
*DIY superannuation is now open to self-employed proprietors, who will be able to harness some degree of economies of scale and receive government incentives in the future. Entrepreneurs can make super contributions to reduce their tax burdens.
*Gather up your super funds: two separate funds equals double the fees, double the trouble of maintaining accounts, and less in the way of returns. Consolidate your superannuation savings into one account to reach a whole level of interest.